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Technical analysis of USD/CHF for April 10, 2018

Overview:

The USD/CHF pair continues to move downwards from the level of 0.9602. Yesterday, the pair dropped from the level of 0.9602 to the bottom around the spot of 0.9540 - 0.9560. Today, the first support level is seen at 0.9540, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.9602, which coincides with the 78.6% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9540, the market will decline further to 0.9515 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9602 with the first target at 0.9540 and further to 0.9515. However, stop loss is to be placed above the level of 0.9650.